Please find the attached Investor presentation on the Audited financial Results for the quarter and year ended March 31, 2026.
AJAXENGG · price
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Ajax Engineering reported FY26 revenue of ₹21,025 million, up 1.4% YoY, marking the 4th consecutive year of growth despite industry headwinds. The construction equipment industry volumes dropped 11% while Ajax volumes declined only 4%, outperforming the market. The company regained market leadership with 73.5% share in the Indian SLCM market. Q4 FY26 showed strong profitability recovery with EBITDA margin improving 40 bps to 15.1% sequentially, driven by ~2% price hike and cost optimization. Full-year EBITDA margin compressed to 12.6% (down 270 bps) due to higher costs from CEV-IV to CEV-V emission transition. Export revenue grew 39% YoY. The balance sheet remains strong with ₹11,208 million cash and zero debt. Net working capital improved to 21 days, the lowest in 5 years.
The stock demonstrates resilience with market share gains and margin recovery in Q4, though full-year profitability was impacted by emission transition costs. The strong cash position and asset-light model provide flexibility for navigating near-term challenges while positioning for long-term growth in India's infrastructure sector.